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More Couples Living Together after Divorce
With the flailing economy, many ex-spouses are jumping from marriage partners to roommates, hoping that the housing market will turn around and allow them to sell the home without taking a loss.
September 20, 2009 /Dating - Singles PR News/ -- More Couples Living Together after Divorce
Article provided by RA Jaworski PC
Visit us at www.rjaworski.com
Traditional wisdom suggests that when the marriage goes, so goes the house. But with the current economy, more people are finding it difficult not only to sell the family home without taking a big loss, but also to even afford to live on their own without a second income.
While divorce rates tend to rise during down economies, during the recent recession, there has been a new trend: more couples are choosing to live together after the divorce. Some couples choose to do this for the sake of their children, but more divorced couples are doing this out of financial necessity. Rather than take a big loss on the house, ex-spouses are deciding to jump from marriage partners to roommates, hoping that the economy and the housing market will turn around and they can sell the home sooner rather than later.
Remaining under the same roof as your spouse during and after a divorce can create a host of problems that need to be dealt with before reaching any final agreements, including those for property settlement, alimony and child support.
Some of these issues include:
-How will the house be divided up? Will each spouse have possession over certain rooms? How will common areas be divided?
-Who will pay for the household expenses, including groceries, utilities, mortgage and property taxes?
-Who will pay for maintenance and repairs for the home?
-Will the former spouses be allowed to date other people? Will those dates be allowed in the home?
-How will this living arrangement be explained to children, family and/or friends?
-How long will the living arrangement last? Is there an end-date?
-What will happen if one spouse wants to leave the home?
Legally, the issues can be even more complex.
-Will one spouse pay the other child support and/or alimony?
-If spouses split the mortgage payment, who takes the tax deduction?
-How do spouses divide any increase or decrease in the value of home if it sells after the divorce is finalized?
-Who pays for any damage done to the home before the divorce is finalized?
For some former spouses, living together is not an option. They may decide that one spouse will continue to live in the family home and pay its expenses until it can be sold or the home loan refinanced. While this sounds like a simple enough solution, it also has important legal implications that should be considered before reaching an agreement.
From a practicality standpoint, the spouse assuming financial responsibility for the family home must be careful not to take on more than he or she can handle. The spouse needs to take a realistic look at his or her financial situation and determine if he or she can truly afford to do this. Although there are signs that the housing market is beginning to recover in parts of the country, it still may take many months or even years to sell the home for a reasonable price. Can the spouse afford this uncertainty?
Legally, it is important to settle all issues concerning the family home before the divorce is finalized. If one spouse is going to remain in the home and pay for all the expenses, will the non-paying spouse receive any of the proceeds when the house finally sells? What happens if the house is sold at a loss or at a gain? How will this be allocated?
These questions have no simple answers. This is why it is vital to work with an experienced family law attorney who can raise the issues you and your spouse need to consider, explain your options and guide you toward making the best decision for your circumstances.
Article provided by RA Jaworski PC
Visit us at www.rjaworski.com
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